Factors influencing wages and salary administration - 10069361 (i) Labour Unions (ii) Personal perception of wage (ii) Personal perception of wage(iii) Cost of living
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These have a decisive influence on the wage structure and wage level since judgment is exercised in many areas of wage and salary administration - including whether the firm should pay below average, or above average rates, what job factors should be’ used to reflect job worth, the weight to be given for performance or length of service, and so forth, both the structure and level- of wages are bound to … There are many choices for exciting careers in Healthcare Management and Administration.
Factors influencing Wage and Salary structure and administration : 5. Average annual salary is $93,000. What is Wage and Salary Administration – Components: Basic Wage/Salary, Dearness Allowance, Bonus and Fringe Benefits Generally, wage and salary structure of an administration or a company depend upon several factors such as wage settlement, labour market situation, company’s nature and size etc.
The amount of compensation received by an employee should take into account several factors such as the amount of effort put in, competitive rates prevailing in labour market, demand for and supply of labour, the firm’s ability to pay, labour policy, etc. Wage and Salary Administration refers to the establishment and im plementation of sound policies and practices of employee compensation. Chart 5.1 Steps Involved in Determination of Wage Rate … Wage is each month payment for a work of employee which stated as fixed or variable (basic) wage.
Factors influencing wage and salary structure and administration Established and start-up companies alike periodically review their organization’s compensation structure. Further, the salary rates for the similar jobs in the firms located in the same geographical region also influence the wage rate in the organisation. However, productivity is considered as one of the important factors which affects the wage and salary structure. The wage and salary administration may use a variety of factors , including the company budget and the amount that competitors pay , in making of decisions. Factors affecting wages & salaries 1. The eight factors influencing the determination of wage rates are as follows: 1. Which Factors Affecting wage and salary Levels ? The wage payment is an important factor influencing labour and management relations. Factors influencing wage and salary structure and administration - Free download as Powerpoint Presentation (.ppt), PDF File (.pdf), Text File (.txt) or view presentation slides online. Organisation expects efficient performance from their employees in order to contribute to the attainment of organizational objective. Comparison of similar job in other organisations is done through wage surveys to determine the going wage for the given job. How Can Salary Influence a Worker's Performance in an Administration?. Workers are very much concerned with the rates of wages as their … Salaries for healthcare administrators also surpass the national average. Factors Influencing Wage and Salary Administration: The wage payment is an important factor affecting labor-management relations. W. ages & Salary administration
Factors Affecting wage and salary Levels.
The capacity to pay much depends upon the progress of an organisation and the profits it … The organisation has to pay the wages equal to that paid for similar jobs in comparable industries in order to secure and retain the competent employees, to follow the directive of Courts of Low, to meet the trade union’s demands, to satisfy the employee’s need for … Compensation Management – 11 Major Factors Influencing Compensation. RS Group Wages and Impacting Factors 2005 – 2006 vii DEFENITIONS OF TERMS Employee is worker or individual who do some work for pay or profit under the guidance of employer. Internal Factors These factors include the following: Ability to pay This is one of the most significant factor influencing employee compensation. The most comprehensive analyses include looking at internal as well as external factors that create salary differences. 2. Many people regard … The wage policies of different organization vary some what. Factors influencing wage and salary structure and administration - Free download as Powerpoint Presentation (.ppt), PDF File (.pdf), Text File (.txt) or view presentation slides online. RAJESH KAVATHEKAR MBA-I SEM-II ROLL NO-15 2. It includes such areas as job evaluation, surveys of wage and salaries, analysis of relevant organisational problems, development and maintenance of wage structure, establishing rules for administering wages, wage payments incentives, … The first two factors are related to job evaluation and wage survey, while the third to performance appraisal. Demand and Supply 3. Bargaining of Trade Unions 6. Capacity of an organisation to pay : Capacity or ability of an organisation to pay also affects the salary and wage levels and wage structures. The main objective of wage and salary administration is to have a scientific , rational and balanced wage and salary structure. Money management is a major part of every business. Internal & External Factors for Salary Differences. Compensation may also be viewed as: • a system of rewards that motivates employees to perform This book contains the course content for Wages and Salary Administration.